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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Monday, November 9, 2009

I 'm doing 'God's work'. Meet Mr Goldman Sachs

The Sunday Times gains unprecedented access to the world's most powerful, and most secretive, investment bank

A rare but very interesting interview with Lord Lloyd Blakfein. It is long but worth the time to read. If you can't read it all at one sitting then bookmark it for later.

A few select quotes to wet your appetite.

The grand wizard of Wall Street is steeling himself for the hardest sell of his life: he’s here to argue for good ol’ capitalism, for investment banks and for Goldman Sachs.

"We’re very important," he says, abandoning self-flagellation. "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." To drive home his point, he makes a remarkably bold claim. "We have a social purpose." (Emphasis added and Oh Boy!)

Blankfein goes on to say something equally audacious. We should welcome the return of titanic paydays at Goldman.

1 COMMENTS:

Anonymous
said...

As Foreclosure Nightmares Increase, Will More Homeowners Pay Off Their Bankers in Violence?

According to a series of brilliant exposes, McClatchy newspapers found that Wall Street titan Goldman Sachs peddled billions of securitized mortgages that it knew were toxic, and then capitalized on inevitable foreclosures through murky subsidiaries tasked with kicking distressed homeowners onto the street.

The callous practice was good for Goldman's bottom line: According to a recent report from the National Consumer Law Center, there's more money for mortgage companies in foreclosures than in loan modification. To reward itself for its purportedly legal duplicity for the holidays, when economic stress is at its peak, Goldman is giving its employees billions in bonuses, all while claiming to do "God's work."

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The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

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It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

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